US Market News
2月前
Kennametal Inc. Announces Public Offering of Senior Notes and Cash Tender Offer for Debt SecuritiesMay 19, 2026 9:15 AM
PR Newswire (US) PITTSBURGH, May 19, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company") today announced that it has commenced an underwritten public offering of senior notes (the "Notes Offering"). The exact amount and terms of the Notes Offering will depend upon market conditions and other factors. The Company also announced that concurrent with the Notes Offering it has commenced a cash tender o?er (the "Tender O?er") to purchase any and all of the outstanding notes listed in the table below (the "2028 Notes"). Title of SecurityCUSIP1Aggregate Principal Amount OutstandingReference U.S. Treasury SecurityFixed Spread (basis points)Bloomberg Reference Page24.625% Senior Notes
due 2028 489170AE0$300,000,0003.875% U.S. Treasury due March 15, 202830FIT 4The Tender OfferThe Tender O?er Consideration for the 2028 Notes will be determined taking into account the par call date, instead of the maturity date, of such 2028 Notes in accordance with standard market practice.The terms and conditions of the Tender O?er are described in an O?er to Purchase dated May 19, 2026 (as it may be amended or supplemented, the "O?er to Purchase"). The Tender O?er is subject to the satisfaction of certain conditions as set forth in the O?er to Purchase, including the receipt of aggregate gross proceeds in an amount su?cient to e?ect the repurchase of the 2028 Notes validly tendered and accepted for purchase pursuant to the Tender O?er at or prior to the Expiration Time (as de?ned below) on terms acceptable to the Company from the concurrent Notes O?ering.Subject to applicable law, the Company may waive any and all of these conditions or extend or terminate the Tender O?er with respect to the 2028 Notes, at any time, prior to the Expiration Time. The Tender O?er is not conditioned upon any minimum amount of 2028 Notes being tendered. Capitalized terms used in this news release and not de?ned herein have the meanings given to them in the O?er to Purchase.The Tender O?er will expire at 5:00 p.m., New York City time, on May 26, 2026, unless extended (such date and time, as the same may be extended, the "Expiration Time") or earlier terminated. In order to receive the Tender O?er Consideration, Holders of 2028 Notes must validly tender and not validly withdraw their 2028 Notes (or comply with the procedures for guaranteed delivery) prior to the Expiration Time.The Tender O?er Consideration for each $1,000 in principal amount of 2028 Notes tendered and accepted for purchase pursuant to the Tender O?er will be determined in the manner described in the O?er to Purchase. The consideration will be determined by reference to the ?xed spread speci?ed for the 2028 Notes over the yield based on the bid-side price of the Reference U.S. Treasury Security speci?ed in the table above, as fully described in the O?er to Purchase. The consideration will be calculated by the Lead Dealer Manager for the Tender O?er at 2:00 p.m., New York City time, on May 26, 2026, unless extended (such time and date, as the same may be extended, the "Price Determination Date").In addition to the Tender O?er Consideration, accrued and unpaid interest up to, but not including, the Settlement Date will be paid in cash on all validly tendered 2028 Notes accepted for purchase in the Tender O?er. The purchase price plus accrued and unpaid interest for 2028 Notes that are validly tendered and not validly withdrawn before the Expiration Time and accepted for purchase will be paid by the Company in same day funds on the Settlement Date, which the Company expects will be May 29, 2026, assuming that the Tender O?er is not extended or earlier terminated. No tenders will be valid if submitted after the Expiration Time. Tendered 2028 Notes may be validly withdrawn at any time (i) prior to the earlier of (x) the Expiration Time and (y) if the Tender O?er is extended, the tenth business day after commencement of the Tender O?er, and (ii) after the 60th business day after the commencement of the Tender O?er if for any reason the Tender O?er has not been consummated within 60 business days after commencement.From time to time, the Company may purchase additional 2028 Notes in the open market, in privately negotiated transactions, through tender o?ers or otherwise, or may redeem 2028 Notes pursuant to the terms of the applicable indenture governing the 2028 Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to Holders of 2028 Notes than the terms of the Tender O?er. Any future purchases or redemptions by the Company will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company may choose to pursue in the future. The e?ect of any of these actions may directly or indirectly a?ect the price of any 2028 Notes that remain outstanding after the consummation or termination of the Tender O?er.Subject to completion of the Tender O?er, the Company may, but is not obligated to, redeem all 2028 Notes not purchased in the Tender O?er at the contractual redemption prices, or otherwise repurchase, discharge or defease of the 2028 Notes as it deems appropriate. This news release does not constitute a notice of redemption or an obligation to issue a notice of redemption.Notwithstanding any other provision of the Tender O?er, the Company's obligation to accept for purchase, and to pay for, 2028 Notes validly tendered and not validly withdrawn, if applicable, pursuant to the Tender O?er is subject to, and conditioned upon, the satisfaction of or, where applicable, its waiver of, certain conditions, including the condition that the Company receive aggregate gross proceeds from the concurrent Notes O?ering at or prior to the Expiration Time in an amount that is su?cient to e?ect the repurchase of the 2028 Notes validly tendered and accepted for purchase pursuant to the O?er to Purchase, on terms satisfactory to the Company in its sole discretion.BofA Securities is the Lead Dealer Manager for the Tender O?er. Global Bondholder Services Corporation is the Tender and Information Agent. Persons with questions regarding the Tender O?er should contact BofA Securities at (888) 292-0070 (toll-free) or (980) 388-0539 (collect) or debt_advisory@bofa.com. Questions regarding the tendering of 2028 Notes and requests for copies of the O?er to Purchase and Notice of Guaranteed Delivery and related materials should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers) or (855) 654-2015 (all others, toll-free) or email contact@gbsc-usa.com. Copies of the O?er to Purchase and Notice of Guaranteed Delivery are also available at the following web address: https://gbsc-usa.com/kennametal/.This news release is neither an o?er to purchase nor a solicitation of an o?er to sell the 2028 Notes. The Tender O?er is made only by the O?er to Purchase and Notice of Guaranteed Delivery and the information in this news release is quali?ed by reference to the O?er to Purchase dated May 19, 2026. There is no separate letter of transmittal in connection with the O?er to Purchase. None of the Company, the Company's Board of Directors, the Lead Dealer Manager, the Tender and Information Agent or the trustees with respect to any 2028 Notes is making any recommendation as to whether Holders should tender any 2028 Notes in response to the Tender O?er, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their 2028 Notes, and, if so, the principal amount of 2028 Notes to tender.The Notes OfferingThe Company intends to use the proceeds of the Notes Offering not used to fund the Tender Offer for general corporate purposes.BofA Securities, Inc., BNP Paribas Securities Corp., and PNC Capital Markets LLC are acting as joint book-running managers of the Notes Offering.The Company is making the Notes Offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The Notes Offering is being made solely by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained via mail from BofA Securities, Inc. at BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by emailing dg.prospectus_requests@bofa.com; from BNP Paribas Securities Corp. at BNP Paribas Securities Corp., 787 7th Avenue, New York, New York 10019 or by calling toll-free at 1-800-854-5674; from PNC Capital Markets LLC by emailing pnccmprospectus @hotelier.This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the Notes Offering, nor shall there be any sale of these securities in the Notes Offering in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About KennametalWith over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,100 employees are helping customers in nearly 100 countries stay competitive. Kennametal generated $2 billion in revenues in fiscal 2025. Kennametal Inc. was founded based on a tungsten carbide technology breakthrough in 1938 and was incorporated in Pennsylvania in 1943 as a manufacturer of tungsten carbide metal cutting tooling. In 1967, it was listed on the New York Stock Exchange (NYSE).The Company's core expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. We bring together material science, technical expertise, innovation and customer service in a way that allows us to anticipate customers' needs and help them overcome problems and achieve their manufacturing objectives.Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company's wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense.Our principal executive offices are located at 525 William Penn Place Suite 3300, Pittsburgh, Pennsylvania 15219, and our telephone number is (412) 248-8000.Cautionary Statement Regarding Forward-Looking StatementsThe following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts, including those regarding the concurrent Notes O?ering and the use of proceeds therefrom, including the Tender O?er and the timing and outcome thereof, are "forward-looking statements" that involve certain risks and uncertainties that could cause actual outcomes and results to materially di?er from what is expressed, implied or forecast in such statements. Any di?erences could be caused by a number of factors, including, but not limited to, the ability to complete the o?ering, general market conditions and other ?nancial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC ?lings. All forward-looking statements included in this press release are expressly quali?ed in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this news release or printed on the 2028 Notes. They are provided solely for the convenience of Holders of the 2028 Notes.The Bloomberg Reference Page is provided for convenience only. To the extent any Bloomberg Reference Page changes prior to the Price Determination Date (as de?ned below), the Lead Dealer Manager referred to below will quote the applicable Reference Treasury Security from the updated Bloomberg Reference Page. View original content:https://www.prnewswire.com/news-releases/kennametal-inc-announces-public-offering-of-senior-notes-and-cash-tender-offer-for-debt-securities-302776216.htmlSOURCE Kennametal Inc. Original: Kennametal Inc. Announces Public Offering of Senior Notes and Cash Tender Offer for Debt Securities
US Market News
2月前
Kennametal Announces Fiscal 2026 Third Quarter ResultsMay 6, 2026 6:30 AM
PR Newswire (US) Sales of $593 million increased 22 percent and 19 percent on a reported and organic basis, respectivelyOperating income of $79 million and adjusted operating income of $82 million, up 80 percent and 64 percent, respectivelyEarnings per diluted share (EPS) of $0.75 and adjusted EPS of $0.77, up 85 percent and 65 percent, respectivelyCompany raises annual sales and adjusted EPS OutlookPITTSBURGH, May 6, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company") today reported results for its fiscal 2026 third quarter ended March 31, 2026."Our third quarter results exceeded the high end of our sales and adjusted EPS Outlook, primarily due to the unprecedented rise in tungsten pricing and stronger volume," said Sanjay Chowbey, President and CEO.Chowbey added: "Our team is advancing volume momentum from improving end markets, pursuing share gains through growth initiatives, and executing on opportunities in a dynamic tungsten market. Additionally, we are actively managing our tungsten supply chain and executing our strategy to drive long-term shareholder value."Fiscal 2026 Third Quarter Financial HighlightsSales of $593 million increased 22 percent from $486 million in the prior year quarter, reflecting organic sales growth of 19 percent and a favorable currency exchange effect of 5 percent, partially offset by a divestiture effect of 2 percent.Operating income was $79 million, or 13.4 percent margin, compared to $44 million, or 9.1 percent margin, in the prior year quarter. The increase in operating income was driven by the favorable timing of pricing compared to raw material costs of approximately $39 million within the Infrastructure segment, pricing and tariff surcharges within the Metal Cutting segment, higher sales and production volumes, incremental year-over-year restructuring savings of approximately $7 million, favorable foreign currency exchange of approximately $4 million and a decrease in restructuring and related charges of approximately $3 million. These factors were partially offset by higher compensation costs, tariffs and general inflation, the net effect of approximately $8 million from a normalized advanced manufacturing production credit under the Inflation Reduction Act in the current quarter within the Infrastructure segment, and higher raw material costs in the Metal Cutting segment. Adjusted operating income was $82 million, or 13.8 percent margin, in the current quarter, compared to $50 million, or 10.3 percent margin, in the prior year quarter.Year-to-date net cash flow from operating activities was $70 million compared to $130 million in the prior year period. The change in net cash flow from operating activities was driven primarily by working capital changes including an increase in inventory largely due to the unprecedented rise in tungsten prices, partially offset by higher net income in the current year period. Year-to-date free operating cash flow (FOCF) was $18 million compared to $63 million in the prior year period. The decrease in FOCF was driven primarily by working capital changes including an increase in inventory, partially offset by higher net income and lower net capital expenditures in the current year period.OutlookThe Company's expectations for sales and adjusted EPS for the full fiscal year 2026 are as follows:Sales expected to be $2.33 - $2.35 billionAdjusted EPS is expected to be $3.75 - $4.00The Company will provide more details regarding its Outlook during its quarterly earnings conference call.Segment ResultsMetal Cutting sales of $358 million increased 18 percent from $304 million in the prior year quarter, reflecting organic sales growth of 12 percent and a favorable currency exchange effect of 6 percent. Operating income was $38 million, or 10.7 percent margin, compared to $25 million, or 8.2 percent margin, in the prior year quarter. The increase in operating income was driven by pricing and tariff surcharges, higher sales and production volumes, incremental year-over-year restructuring savings of approximately $5 million, favorable foreign currency exchange of approximately $3 million and a decrease in restructuring and related charges of approximately $2 million. These factors were partially offset by higher compensation costs, tariffs and general inflation and higher raw material costs. Adjusted operating income was $40 million, or 11.2 percent margin, in the current quarter, compared to $29 million, or 9.6 percent margin, in the prior year quarter.Infrastructure sales of $235 million increased 29 percent from $182 million in the prior year quarter, reflecting organic sales growth of 30 percent and a favorable currency exchange effect of 4 percent, partially offset by a divestiture effect of 5 percent. Operating income was $42 million, or 18.1 percent margin, compared to $19 million, or 10.7 percent margin, in the prior year quarter. The increase in operating income was driven by the favorable timing of pricing compared to raw material costs of approximately $39 million and incremental year-over-year restructuring savings of approximately $2 million. These factors were partially offset by the net effect of approximately $8 million from a normalized advanced manufacturing production credit under the Inflation Reduction Act in the current quarter, higher compensation costs and general inflation. Adjusted operating income was $43 million, or 18.3 percent margin, in the current quarter, compared to $21 million, or 11.5 percent margin, in the prior year quarter.Dividend DeclaredKennametal announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend is payable on May 26, 2026 to shareholders of record as of the close of business on May 12, 2026.Conference Call and WebcastThe Company will host a conference call to discuss its third quarter fiscal 2026 results on Wednesday, May 6, 2026 at 9:30 a.m. Eastern Time. The conference call will be broadcast via real-time audio on Kennametal's investor relations website at https://investors.kennametal.com/ - click "Event" (located in the blue Quarterly Earnings block).This earnings release contains non-GAAP financial measures. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the tables that follow.Certain statements in this release may be forward-looking in nature, or "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for sales and adjusted EPS for the full year of fiscal 2026 and our expectations regarding future growth and financial performance are forward-looking statements. Any forward-looking statements are based on current knowledge, expectations and estimates that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, our actual results could vary materially from our current expectations. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements. They include: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of increased inflation, tariffs, and Russia's invasion of Ukraine and the resulting sanctions on Russia; the conflicts in the Middle East; other economic recession; our ability to achieve all anticipated benefits of restructuring initiatives; Commercial Excellence growth initiatives, Operational Excellence initiatives, our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability, including the conflicts in Ukraine and the Middle East; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; potential for future goodwill and other intangible asset impairment charges; our ability to protect and defend our intellectual property; continuity of information technology infrastructure; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products, including tungsten; product liability claims; integrating acquisitions and achieving the expected savings and synergies; global or regional catastrophic events; demand for and market acceptance of our products; business divestitures; energy costs; commodity prices; labor relations; and implementation of environmental remediation matters. Many of these risks and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.About KennametalWith over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,100 employees are helping customers in nearly 100 countries stay competitive. Kennametal generated $2 billion in revenues in fiscal 2025. Learn more at www.kennametal.com. Follow @Kennametal: Instagram, Facebook, LinkedIn and YouTube. FINANCIAL HIGHLIGHTSCONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
March 31,Nine Months Ended
March 31,(in thousands, except per share amounts)2026
20252026
2025Sales$ 592,585
$ 486,399$ 1,620,084
$ 1,450,398Cost of goods sold384,607
330,0341,083,686
997,993 Gross profit207,978
156,365536,398
452,405Operating expense124,046
104,013353,377
324,975Restructuring and other charges, net2,115
5,5896,232
7,535Amortization of intangibles2,387
2,7037,138
8,142 Operating income79,430
44,060169,651
111,753Interest expense6,264
6,21318,539
18,705Other income, net(6,546)
(5,454)(10,964)
(8,589)Income before income taxes79,712
43,301162,076
101,637Provision for income taxes18,589
10,21941,124
26,052Net income61,123
33,082120,952
75,585Less: Net income attributable to noncontrolling interests2,894
1,6005,540
4,052Net income attributable to Kennametal$ 58,229
$ 31,482$ 115,412
$ 71,533PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share$ 0.76
$ 0.41$ 1.51
$ 0.92Diluted earnings per share$ 0.75
$ 0.41$ 1.49
$ 0.91Basic weighted average shares outstanding76,264
77,03776,195
77,614Diluted weighted average shares outstanding77,758
77,65177,231
78,208 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)March 31, 2026
June 30, 2025 ASSETS
Cash and cash equivalents$ 106,850
$ 140,540Accounts receivable, net334,429
295,401Inventories747,346
538,237Other current assets89,452
65,092Total current assets1,278,077
1,039,270Property, plant and equipment, net857,911
919,914Goodwill and other intangible assets, net340,231
349,935Other assets254,528
236,293Total assets$ 2,730,747
$ 2,545,412 LIABILITIES
Revolving and other lines of credit and notes payable$ 16,750
$ 977Accounts payable263,068
195,929Other current liabilities256,251
225,423Total current liabilities536,069
422,329Long-term debt597,394
596,788Other liabilities198,912
201,647Total liabilities1,332,375
1,220,764KENNAMETAL SHAREHOLDERS' EQUITY1,354,734
1,283,979NONCONTROLLING INTERESTS43,638
40,669Total liabilities and equity$ 2,730,747
$ 2,545,412 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Nine Months Ended
March 31,(in thousands)2026
2025OPERATING ACTIVITIES
Net income$ 120,952
$ 75,585Adjustments to reconcile to cash from operations:
Depreciation100,441
93,279Amortization7,138
8,142Stock-based compensation expense26,015
18,329Restructuring and other charges, net6,232
7,535Deferred income taxes (2,394)
(1,917)Gain on insurance recoveries—
(7,500)Other1,976
817Changes in certain assets and liabilities:
Accounts receivable(42,512)
10,516Inventories(215,973)
(41,269)Other current assets(25,328)
(1,398)Accounts payable and accrued liabilities101,717
(14,140)Accrued income taxes2,723
(11,668)Accrued pension and postretirement benefits(840)
(5,023)Other(10,466)
(1,558)Net cash flow provided by operating activities69,681
129,730INVESTING ACTIVITIES
Purchases of property, plant and equipment(53,680)
(67,506)Disposals of property, plant and equipment1,662
460Proceeds from insurance recoveries—
7,193Other391
(202)Net cash flow used in investing activities(51,627)
(60,055)FINANCING ACTIVITIES
Net increase in notes payable360
944Net increase in revolving and other lines of credit15,300
10,200Purchase of capital stock(10,068)
(55,081)The effect of employee benefit and stock plans and dividend reinvestment(7,954)
(6,570)Cash dividends paid to Shareholders(45,605)
(46,604)Other(2,181)
(915)Net cash flow used in financing activities(50,148)
(98,026)Effect of exchange rate changes on cash and cash equivalents(1,596)
(2,153)CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents(33,690)
(30,504)Cash and cash equivalents, beginning of period140,540
127,971Cash and cash equivalents, end of period$ 106,850
$ 97,467 SEGMENT DATA (UNAUDITED)Three Months Ended
March 31,Nine Months Ended
March 31,(in thousands)2026
20252026
2025Sales:
Metal Cutting$ 357,907
$ 304,349$ 999,591
$ 899,035Infrastructure234,678
182,050620,493
551,363Total sales$ 592,585
$ 486,399$ 1,620,084
$ 1,450,398Sales By Geographic Region:
Americas$ 298,272
$ 240,361$ 811,035
$ 713,341EMEA173,991
151,262483,553
442,689Asia Pacific120,322
94,776325,496
294,368Total sales$ 592,585
$ 486,399$ 1,620,084
$ 1,450,398Operating income:
Metal Cutting$ 38,125
$ 24,900$ 89,447
$ 65,308Infrastructure42,471
19,42382,512
47,770Corporate (1)(1,166)
(263)(2,308)
(1,325)Total operating income$ 79,430
$ 44,060$ 169,651
$ 111,753(1) Represents unallocated corporate expenses.NON-GAAP RECONCILIATIONS (UNAUDITED)In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including: operating income and margin; net income attributable to Kennametal; diluted EPS; Metal Cutting operating income and margin; Infrastructure operating income and margin; FOCF; and consolidated and segment organic sales growth (all of which are non-GAAP financial measures), to the most directly comparable GAAP financial measures. Adjustments for the three months ended March 31, 2026 include restructuring and related charges and differences in projected annual tax rates. Adjustments for the three months ended March 31, 2025 include restructuring and related charges and differences in projected annual tax rates. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.Management believes that presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the Company. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures used by management may not be comparable to non-GAAP financial measures used by other companies. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the disclosures below.Reconciliations to the most directly comparable GAAP financial measures for the following forward-looking non-GAAP financial measures for the full fiscal year of 2026 have not been provided, including but not limited to, adjusted EPS. The most comparable GAAP financial measure is diluted EPS. Because the non-GAAP financial measures on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors - including, but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, gains or losses on the potential sale of businesses or other assets, restructuring costs, asset impairment charges, gains or losses from early extinguishment of debt, the tax impact of the items above and the impact of tax law changes or other tax matters - reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort.THREE MONTHS ENDED MARCH 31, 2026 (UNAUDITED)
(in thousands, except percents and per share data)SalesOperating
incomeNet
income(2)Diluted EPSReported results$ 592,585$ 79,430$ 58,229$ 0.75Reported operating margin
13.4 %
Restructuring and related charges—2,3911,9760.02 Differences in projected annual tax rates——30—Adjusted results$ 592,585$ 81,821$ 60,235$ 0.77Adjusted operating margin
13.8 %
(2) Attributable to Kennametal. THREE MONTHS ENDED MARCH 31, 2026 (UNAUDITED)
Metal CuttingInfrastructure(in thousands, except percents)SalesOperating
incomeSalesOperating
incomeReported results$ 357,907$ 38,125$ 234,678$ 42,471Reported operating margin
10.7 %
18.1 %Restructuring and related charges—1,948—443Adjusted results$ 357,907$ 40,073$ 234,678$ 42,914Adjusted operating margin
11.2 %
18.3 % THREE MONTHS ENDED MARCH 31, 2025 (UNAUDITED)
(in thousands, except percents and per share data)SalesOperating
incomeNet
income(2)Diluted EPSReported results$ 486,399$ 44,060$ 31,482$ 0.41Reported operating margin
9.1 %
Restructuring and related charges—5,8404,7090.06 Differences in projected annual tax rates——146—Adjusted results$ 486,399$ 49,900$ 36,337$ 0.47Adjusted operating margin
10.3 %
(2) Attributable to Kennametal. THREE MONTHS ENDED MARCH 31, 2025 (UNAUDITED)
Metal CuttingInfrastructure(in thousands, except percents)SalesOperating
incomeSalesOperating
incomeReported results$ 304,349$ 24,900$ 182,050$ 19,423Reported operating margin
8.2 %
10.7 %Restructuring and related charges—4,320—1,520Adjusted results$ 304,349$ 29,220$ 182,050$ 20,943Adjusted operating margin
9.6 %
11.5 %Free Operating Cash Flow (FOCF)FOCF is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities (which is the most directly comparable GAAP financial measure) less capital expenditures plus proceeds from disposals of fixed assets. Management considers FOCF to be an important indicator of the Company's cash generating capability because it better represents cash generated from operations that can be used for dividends, debt repayment, strategic initiatives (such as acquisitions) and other investing and financing activities.FREE OPERATING CASH FLOW (UNAUDITED)
Nine Months Ended
March 31,(in thousands)
2026
2025Net cash flow provided by operating activities
$ 69,681
$ 129,730Purchases of property, plant and equipment
(53,680)
(67,506)Disposals of property, plant and equipment
1,662
460Free operating cash flow
$ 17,663
$ 62,684Organic Sales GrowthOrganic sales growth is a non-GAAP financial measure of sales growth (which is the most directly comparable GAAP measure) excluding the effects of acquisitions, divestitures, business days and foreign currency exchange from year-over-year comparisons. Management believes this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Management reports organic sales growth at the consolidated and segment levels.ORGANIC SALES GROWTH (UNAUDITED)
Three Months Ended March 31, 2026
Metal Cutting
Infrastructure
TotalOrganic sales growth
12 %
30 %
19 %Foreign currency exchange effect (3)
6
4
5Business days effect (4)
—
—
—Divestiture effect (5)
—
(5)
(2)Sales growth
18 %
29 %
22 %(3) Foreign currency exchange effect is calculated by dividing the difference between current period sales and current period sales at prior period foreign exchange rates by prior period sales.(4) Business days effect is calculated by dividing the year-over-year change in weighted average working days (based on mix of sales by country) by prior period weighted average working days.(5) Divestiture effect is calculated by dividing prior period sales attributable to divested businesses by prior period sales. View original content:https://www.prnewswire.com/news-releases/kennametal-announces-fiscal-2026-third-quarter-results-302763324.htmlSOURCE Kennametal Inc. Original: Kennametal Announces Fiscal 2026 Third Quarter Results
US Market News
5月前
Kennametal Announces Fiscal 2026 Second Quarter ResultsFebruary 4, 2026 6:30 AM
PR Newswire (US)
Sales of $530 million increased 10 percent on both a reported and organic basisOperating income of $53 million and adjusted operating income of $56 million, up 66 percent and 68 percent, respectivelyEarnings per diluted share (EPS) of $0.44 and adjusted EPS of $0.47, up 92 percent and 89 percent, respectivelyCompany raises sales and adjusted EPS annual OutlookPITTSBURGH, Feb. 4, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company") today reported results for its fiscal 2026 second quarter ended December 31, 2025."We are pleased with our second quarter results, which exceeded the high end of our sales and adjusted EPS Outlook, driven by volume in the quarter, largely from buy-ahead in response to the tungsten pricing environment and modest improvement in certain end markets," said Sanjay Chowbey, President and CEO.Chowbey added: "Looking ahead, we remain focused on driving above market growth, improving our cost structure and shaping a smarter portfolio to deliver long-term value for shareholders."Fiscal 2026 Second Quarter Financial HighlightsSales of $530 million increased 10 percent from $482 million in the prior year quarter, reflecting organic sales growth of 10 percent and a favorable currency exchange effect of 1 percent, partially offset by a divestiture effect of 1 percent.Operating income was $53 million, or 9.9 percent margin, compared to $32 million, or 6.6 percent margin, in the prior year quarter. The increase in operating income was driven by the favorable timing of pricing compared to raw material costs of approximately $17 million within the Infrastructure segment, pricing and tariff surcharges within the Metal Cutting segment, higher sales and production volumes in the Metal Cutting segment and incremental year-over-year restructuring savings of approximately $8 million. These factors were partially offset by higher compensation costs, tariffs and general inflation, a prior year benefit from insurance proceeds of approximately $3 million that did not repeat in the current year and an increase in incremental restructuring and related charges of approximately $2 million. Adjusted operating income was $56 million, or 10.5 percent margin, in the current quarter, compared to $33 million, or 6.9 percent margin, in the prior year quarter.Year-to-date net cash flow from operating activities was $73 million compared to $101 million in the prior year period. The change in net cash flow from operating activities was driven primarily by working capital changes including an increase in inventory, partially offset by higher net income in the current year period. Year-to-date free operating cash flow (FOCF) was $38 million compared to $57 million in the prior year period. The decrease in FOCF was driven primarily by working capital changes including an increase in inventory, partially offset by higher net income and lower net capital expenditures in the current year period.OutlookThe Company's expectations for the third quarter of fiscal 2026 and the full year are as follows:Quarterly Outlook:Sales expected to be $545 - $565 millionAdjusted EPS is expected to be $0.50 - $0.60Annual Outlook:Sales expected to be $2.190 - $2.250 billionAdjusted EPS is expected to be $2.05 - $2.45Free operating cash flow of approximately 60 percent of adjusted net incomeCapital spending expected to be approximately $90 millionThe Company will provide more details regarding its Outlook during its quarterly earnings conference call.Segment ResultsMetal Cutting sales of $331 million increased 11 percent from $298 million in the prior year quarter, reflecting organic sales growth of 9 percent and a favorable currency exchange effect of 2 percent. Operating income was $30 million, or 9.0 percent margin, compared to $17 million, or 5.6 percent margin, in the prior year quarter. The increase in operating income was driven by pricing and tariff surcharges, higher sales and production volumes and incremental year-over-year restructuring savings of approximately $6 million. These factors were partially offset by higher compensation costs and tariffs and general inflation. Adjusted operating income was $32 million, or 9.6 percent margin, in the current quarter, compared to $18 million, or 6.0 percent margin, in the prior year quarter.Infrastructure sales of $198 million increased 8 percent from $184 million in the prior year quarter, reflecting organic sales growth of 11 percent and a favorable currency exchange effect of 1 percent, partially offset by a divestiture effect of 4 percent. Operating income was $23 million, or 11.8 percent margin, compared to $16 million, or 8.5 percent margin, in the prior year quarter. The increase in operating income was driven by the favorable timing of pricing compared to raw material costs of approximately $17 million, and incremental year-over-year restructuring savings of approximately $2 million. These factors were partially offset by higher compensation costs, a prior year benefit from insurance proceeds of approximately $3 million that did not repeat in the current year, and general inflation. Adjusted operating income was $24 million, or 12.3 percent margin, in the current quarter, compared to $16 million, or 8.6 percent margin, in the prior year quarter.Dividend DeclaredKennametal announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend is payable on February 24, 2026 to shareholders of record as of the close of business on February 10, 2026.Conference Call and WebcastThe Company will host a conference call to discuss its second quarter fiscal 2026 results on Wednesday, February 4, 2026 at 9:00 a.m. Eastern Time. The conference call will be broadcast via real-time audio on Kennametal's investor relations website at https://investors.kennametal.com/ - click "Event" (located in the blue Quarterly Earnings block).This earnings release contains non-GAAP financial measures. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the tables that follow.Certain statements in this release may be forward-looking in nature, or "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for sales, adjusted EPS, FOCF, and capital expenditures for the third quarter and full year of fiscal 2026 and our expectations regarding future growth and financial performance are forward-looking statements. Any forward-looking statements are based on current knowledge, expectations and estimates that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, our actual results could vary materially from our current expectations. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements. They include: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of increased inflation, tariffs, and Russia's invasion of Ukraine and the resulting sanctions on Russia; the conflict in the Middle East; other economic recession; our ability to achieve all anticipated benefits of restructuring initiatives; Commercial Excellence growth initiatives, Operational Excellence initiatives, our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability, including the conflicts in Ukraine and the Middle East; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; potential for future goodwill and other intangible asset impairment charges; our ability to protect and defend our intellectual property; continuity of information technology infrastructure; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products; product liability claims; integrating acquisitions and achieving the expected savings and synergies; global or regional catastrophic events; demand for and market acceptance of our products; business divestitures; energy costs; commodity prices; labor relations; and implementation of environmental remediation matters. Many of these risks and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.About KennametalWith over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,100 employees are helping customers in nearly 100 countries stay competitive. Kennametal generated $2 billion in revenues in fiscal 2025. Learn more at www.kennametal.com. Follow @Kennametal: Instagram, Facebook, LinkedIn and YouTube. FINANCIAL HIGHLIGHTSCONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
December 31,Six Months Ended
December 31,(in thousands, except per share amounts)2025
20242025
2024Sales$ 529,525
$ 482,051$ 1,027,499
$ 963,999Cost of goods sold355,656
337,021699,080
667,960 Gross profit173,869
145,030328,419
296,039Operating expense116,302
109,308229,330
220,962Restructuring and other charges, net2,528
1,3354,117
1,946Amortization of intangibles2,378
2,7204,751
5,438 Operating income52,661
31,66790,221
67,693Interest expense6,089
6,18012,275
12,493Other income, net(2,097)
(1,477)(4,418)
(3,136)Income before income taxes48,669
26,96482,364
58,336Provision for income taxes13,472
7,92722,535
15,833Net income35,197
19,03759,829
42,503Less: Net income attributable to noncontrolling interests1,312
1,1092,646
2,452Net income attributable to Kennametal$ 33,885
$ 17,928$ 57,183
$ 40,051PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
Basic earnings per share$ 0.44
$ 0.23$ 0.75
$ 0.51Diluted earnings per share$ 0.44
$ 0.23$ 0.74
$ 0.51Basic weighted average shares outstanding76,194
77,72476,161
77,896Diluted weighted average shares outstanding77,083
78,37976,919
78,495 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands)December 31, 2025
June 30, 2025 ASSETS
Cash and cash equivalents$ 129,318
$ 140,540Accounts receivable, net288,205
295,401Inventories621,920
538,237Other current assets81,835
65,092Total current assets1,121,278
1,039,270Property, plant and equipment, net881,308
919,914Goodwill and other intangible assets, net345,518
349,935Other assets247,452
236,293Total assets$ 2,595,556
$ 2,545,412 LIABILITIES
Revolving and other lines of credit and notes payable$ 1,430
$ 977Accounts payable220,410
195,929Other current liabilities217,510
225,423Total current liabilities439,350
422,329Long-term debt597,192
596,788Other liabilities201,357
201,647Total liabilities1,237,899
1,220,764KENNAMETAL SHAREHOLDERS' EQUITY1,315,037
1,283,979NONCONTROLLING INTERESTS42,620
40,669Total liabilities and equity$ 2,595,556
$ 2,545,412 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Six Months Ended
December 31,(in thousands)2025
2024OPERATING ACTIVITIES
Net income$ 59,829
$ 42,503Adjustments to reconcile to cash from operations:
Depreciation64,662
62,130Amortization4,751
5,438Stock-based compensation expense16,952
13,375Restructuring and other charges, net4,117
1,946Deferred income taxes (1,768)
(1,903)Gain on insurance recoveries—
(7,500)Other1,305
2,666Changes in certain assets and liabilities:
Accounts receivable7,839
43,167Inventories(84,080)
(30,695)Accounts payable and accrued liabilities14,665
(27,214)Accrued income taxes2,225
606Accrued pension and postretirement benefits(374)
(2,445)Other(17,517)
(1,174)Net cash flow provided by operating activities72,606
100,900INVESTING ACTIVITIES
Purchases of property, plant and equipment(35,692)
(43,967)Disposals of property, plant and equipment1,569
405Proceeds from insurance recoveries—
7,193Other336
(222)Net cash flow used in investing activities(33,787)
(36,591)FINANCING ACTIVITIES
Net increase in notes payable421
—Purchase of capital stock(10,068)
(30,062)The effect of employee benefit and stock plans and dividend reinvestment(7,724)
(6,240)Cash dividends paid to Shareholders(30,364)
(31,148)Other(1,853)
(599)Net cash flow used in financing activities(49,588)
(68,049)Effect of exchange rate changes on cash and cash equivalents(453)
(3,080)CASH AND CASH EQUIVALENTS
Net decrease in cash and cash equivalents(11,222)
(6,820)Cash and cash equivalents, beginning of period140,540
127,971Cash and cash equivalents, end of period$ 129,318
$ 121,151 SEGMENT DATA (UNAUDITED)Three Months Ended
December 31,Six Months Ended
December 31,(in thousands)2025
20242025
2024Sales:
Metal Cutting$ 331,059
$ 297,785$ 641,684
$ 594,686Infrastructure198,466
184,266385,815
369,313Total sales$ 529,525
$ 482,051$ 1,027,499
$ 963,999Sales By Geographic Region:
Americas$ 265,168
$ 235,252$ 512,763
$ 472,978EMEA156,276
145,494309,561
291,428Asia Pacific108,081
101,305205,175
199,593Total sales$ 529,525
$ 482,051$ 1,027,499
$ 963,999Operating income:
Metal Cutting$ 29,758
$ 16,586$ 51,322
$ 40,408Infrastructure23,402
15,61240,042
28,347Corporate (1)(499)
(531)(1,143)
(1,062)Total operating income$ 52,661
$ 31,667$ 90,221
$ 67,693
(1) Represents unallocated corporate expenses.NON-GAAP RECONCILIATIONS (UNAUDITED)In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including: operating income and margin; net income attributable to Kennametal; diluted EPS; Metal Cutting operating income and margin; Infrastructure operating income and margin; FOCF; and consolidated and segment organic sales growth (all of which are non-GAAP financial measures), to the most directly comparable GAAP financial measures. Adjustments for the three months ended December 31, 2025 include restructuring and related charges and differences in projected annual tax rates. Adjustments for the three months ended December 31, 2024 include restructuring and related charges and differences in projected annual tax rates. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.Management believes that presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the Company. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures used by management may not be comparable to non-GAAP financial measures used by other companies. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the disclosures below.Reconciliations to the most directly comparable GAAP financial measures for the following forward-looking non-GAAP financial measures for the third quarter and full fiscal year of 2026 have not been provided, including but not limited to: FOCF, adjusted net income and adjusted EPS. The most comparable GAAP financial measures are net cash flow from operating activities, net income attributable to Kennametal and EPS, respectively. Because the non-GAAP financial measures on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors - including, but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, gains or losses on the potential sale of businesses or other assets, restructuring costs, asset impairment charges, gains or losses from early extinguishment of debt, the tax impact of the items above and the impact of tax law changes or other tax matters - reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort.THREE MONTHS ENDED DECEMBER 31, 2025 (UNAUDITED)
(in thousands, except percents and per share data)SalesOperating
incomeNet
income(2)Diluted EPSReported results$ 529,525$ 52,661$ 33,885$ 0.44Reported operating margin
9.9 %
Restructuring and related charges—3,0572,5330.03Differences in projected annual tax rates——(163)—Adjusted results$ 529,525$ 55,718$ 36,255$ 0.47Adjusted operating margin
10.5 %
(2) Attributable to Kennametal. THREE MONTHS ENDED DECEMBER 31, 2025 (UNAUDITED)
Metal CuttingInfrastructure(in thousands, except percents)SalesOperating
incomeSalesOperating
incomeReported results$ 331,059$ 29,758$ 198,466$ 23,402Reported operating margin
9.0 %
11.8 %Restructuring and related charges—2,122—934Adjusted results$ 331,059$ 31,880$ 198,466$ 24,336Adjusted operating margin
9.6 %
12.3 % THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED)
(in thousands, except percents and per share data)SalesOperating
incomeNet
income(2)Diluted EPSReported results$ 482,051$ 31,667$ 17,928$ 0.23Reported operating margin
6.6 %
Restructuring and related charges—1,4191,1810.01Differences in projected annual tax rates——5300.01Adjusted results$ 482,051$ 33,086$ 19,639$ 0.25Adjusted operating margin
6.9 %
(2) Attributable to Kennametal. THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED)
Metal CuttingInfrastructure(in thousands, except percents)SalesOperating
incomeSalesOperating
incomeReported results$ 297,785$ 16,586$ 184,266$ 15,612Reported operating margin
5.6 %
8.5 %Restructuring and related charges—1,202—217Adjusted results$ 297,785$ 17,788$ 184,266$ 15,829Adjusted operating margin
6.0 %
8.6 %Free Operating Cash Flow (FOCF)FOCF is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities (which is the most directly comparable GAAP financial measure) less capital expenditures plus proceeds from disposals of fixed assets. Management considers FOCF to be an important indicator of the Company's cash generating capability because it better represents cash generated from operations that can be used for dividends, debt repayment, strategic initiatives (such as acquisitions) and other investing and financing activities.FREE OPERATING CASH FLOW (UNAUDITED)
Six Months Ended
December 31,(in thousands)
2025
2024Net cash flow provided by operating activities
$ 72,606
$ 100,900Purchases of property, plant and equipment
(35,692)
(43,967)Disposals of property, plant and equipment
1,569
405Free operating cash flow
$ 38,483
$ 57,338Organic Sales GrowthOrganic sales growth is a non-GAAP financial measure of sales growth (which is the most directly comparable GAAP measure) excluding the effects of acquisitions, divestitures, business days and foreign currency exchange from year-over-year comparisons. Management believes this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Management reports organic sales growth at the consolidated and segment levels.ORGANIC SALES GROWTH (UNAUDITED)
Three Months Ended December 31, 2025
Metal Cutting
Infrastructure
TotalOrganic sales growth
9 %
11 %
10 %Foreign currency exchange effect (3)
2
1
1Business days effect (4)
—
—
—Divestiture effect (5)
—
(4)
(1)Sales growth
11 %
8 %
10 %
(3) Foreign currency exchange effect is calculated by dividing the difference between current period sales and current period sales at prior period foreign exchange rates by prior period sales.(4) Business days effect is calculated by dividing the year-over-year change in weighted average working days (based on mix of sales by country) by prior period weighted average working days.(5) Divestiture effect is calculated by dividing prior period sales attributable to divested businesses by prior period sales.
View original content:https://www.prnewswire.com/news-releases/kennametal-announces-fiscal-2026-second-quarter-results-302678286.htmlSOURCE Kennametal Inc.
Original: Kennametal Announces Fiscal 2026 Second Quarter Results
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